Bank Nifty Outlook for 02nd Aug

 In the previous session :  

Bank Nifty went down by 84 points then went up by 448 points and closed higher by 411 points on Monday.

Bank Nifty made a new life time high of 41829.60 in this upmove from the lows of 16116.25 made on 24th March

On 01st Aug :

Bank Nifty triggered our long trade and completed all targets doing 330+ points

For 02nd Aug :

Sustaining above 38010 enter for 38075 - 38150 - 38350 , SL 37930

Sustaining below 37790 enter for 37730 - 37650 - 37460 , SL 37870

Now for this week :

On the upside :

Bank Nifty has to sustain and close above its immediate resistance at 37660 - 37770 for a move  towards initial targets of 38060 - 38140 . 

Sustaining or closing above 38140 Bank Nifty may move towards next targets of 38380 - 38660

On the downside :

Bank Nifty has to sustain and close below its immediate support at 37320 - 37210 for a move towards initial targets of 36930 - 36850 . 

Sustaining or closing below 36850 Bank Nifty may move towards next targets of 36600 - 36330

So far this week Bank Nifty made a high of 37939.60 breaking above its immediate weekly resistance zone of 37660 - 37770 and close above it at 37903.20. Now in the coming session Bank Nifty sustaining above 37770 can complete the move towards its initial targets of 38060 - 38140 where we may see profit booking. On the downside Bank Nifty has immediate support at 37660 and breaking and sustaining below it can correct towards 37320 - 37210 .

Incase of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks" .

Bank Nifty has now made a high of 41829.60 on 25th Oct 2021 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 18604.45 on 19th Oct 2021 from the lows of 7511 made on 24th March 2020.

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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them  . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.